SummerHaven Investment Management LLC Acquires 222 Shares of Avnet, Inc. (NASDAQ:AVT)

SummerHaven Investment Management LLC increased its holdings in Avnet, Inc. (NASDAQ:AVT) by 1.5% in the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 14,590 shares of the company’s stock after purchasing an additional 222 shares during the period. SummerHaven Investment Management LLC’s holdings in Avnet were worth $735,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. CWM LLC raised its holdings in Avnet by 330.2% during the 3rd quarter. CWM LLC now owns 641 shares of the company’s stock valued at $31,000 after buying an additional 492 shares during the last quarter. Venturi Wealth Management LLC raised its stake in shares of Avnet by 46.5% during the fourth quarter. Venturi Wealth Management LLC now owns 655 shares of the company’s stock valued at $33,000 after acquiring an additional 208 shares during the last quarter. Bruce G. Allen Investments LLC purchased a new stake in shares of Avnet during the fourth quarter worth about $40,000. GAMMA Investing LLC bought a new stake in shares of Avnet in the fourth quarter worth about $63,000. Finally, Parkside Financial Bank & Trust increased its holdings in Avnet by 19.1% during the 3rd quarter. Parkside Financial Bank & Trust now owns 1,649 shares of the company’s stock valued at $79,000 after purchasing an additional 265 shares during the period. Institutional investors own 95.78% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, The Goldman Sachs Group dropped their price objective on Avnet from $48.00 to $42.00 and set a “sell” rating for the company in a report on Thursday, February 1st. Two equities research analysts have rated the stock with a sell rating and three have issued a hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $45.50.

Avnet Trading Down 0.3 %

NASDAQ:AVT opened at $49.96 on Tuesday. Avnet, Inc. has a 12 month low of $40.00 and a 12 month high of $51.65. The company has a current ratio of 2.34, a quick ratio of 1.05 and a debt-to-equity ratio of 0.55. The company has a 50-day moving average price of $47.69 and a 200-day moving average price of $47.36. The stock has a market cap of $4.51 billion, a price-to-earnings ratio of 6.90, a P/E/G ratio of 0.66 and a beta of 1.24.

Avnet (NASDAQ:AVT) last posted its earnings results on Wednesday, January 31st. The company reported $1.40 earnings per share for the quarter, topping analysts’ consensus estimates of $1.39 by $0.01. The firm had revenue of $6.20 billion for the quarter, compared to the consensus estimate of $6.15 billion. Avnet had a return on equity of 13.60% and a net margin of 2.62%. During the same quarter in the prior year, the business earned $2.00 EPS. Equities analysts predict that Avnet, Inc. will post 5.25 EPS for the current year.

Avnet Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, March 20th. Shareholders of record on Wednesday, March 6th were given a dividend of $0.31 per share. This represents a $1.24 annualized dividend and a yield of 2.48%. The ex-dividend date of this dividend was Tuesday, March 5th. Avnet’s dividend payout ratio is currently 17.13%.

Avnet Profile

Avnet, Inc, distributes electronic component technology. The company operates through two segments, Electronic Components and Farnell. The Electronic Components segment markets, sells, and distributes semiconductors; interconnect, passive, and electromechanical components; and other integrated components from electronic component manufacturers.